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" gets under way right now. >>> welcome to "closing bell." bill griffeth rejoins us in a moment. no follow-through rally. stocks closing in the red on fiscal cliff fears. dow jones lower by 43 points, 12,966. nasdaq finishes higher by nearly 10, 2,976. and the s&p down almost 3%, 1406. >> the deadline for the fiscal cliff is nearly one month away. if we go over that cliff, russ says some investors are not prepared for that decline. >> he joins us now a long with michael, cnbc contributor for destination wealth management and mary thompson joins us as well. russ, you're saying it's not priced in at this point. what should we be worried about? >> it's not priced in. it's very hard to find much evidence, either from investors or the sell side that people really expect to go over the fiscal cliff. i think what that means is if we get into the end of the year and looks like negotiations are not going forward, we may not solve this before 2013, we're likely to see rise in volatility, likely to see selling. >> how bad could it be? >> if you look at what might happened, in other words,
your money is? welcome to the "closing bell." bill griffeth rejoins us in a moment. here's how we're shaping up at end of the day. the dow jones industrial falling by 88 points. pretty much the lows of the session. 12,879, matching what we saw when harry reid began making comments about an hour and a half ago. the nasdaq lower by nearly nine points. the s&p lower by seven points. 1399, just below the 1400 level. why the late-day selloff? most on the street blaming these words out of washington about fiscal cliff. >> there's been little progress with the republicans, which is a disappointment to me. they've talked some happy talk about doing revenues, but we only have a couple weeks to get something done. so we have to get away from the happy talk and start talking about specific things. >> as we head into the fiscal cliff negotiations, my advice to the president would be seems like our friends on the other side are having some difficulty turning off the campaign. we need to sit down and work this matter out. >> behind closed doors. even with the fiscal cliff looming over the marke
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